The Senate has granted a loan request by President Bola Tinubu to provide electricity metres in the country.

The fund was approved for the Bureau of Public Enterprises (BPE) following the presentation of a report by the Vice Chairman of the Senate Committee on Local and Foreign Debts, Haruna Manu.

Manu, while presenting the report, said the programme development objective of the project was to improve the financial and technical performance of electricity distribution companies.

The lawmaker stated that the terms and conditions under which the loan was brought would not in any manner compromise the sustainability of Nigeria’s economic growth or hinder the integrity and independence of Nigeria as a sovereign state.

The $500 million loan was part of the $7.94 billion World Bank loan which President Bola Tinubu sought the Senate’s approval for on November 1, 2023.

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